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Update by user Feb 01, 2019
Pacific Tycoon did contact me and assured me I would be refunded in September, exactly a year after I ended the contract after the 3 years.So far they have not broken any contract as it states in the contract that all sub leases etc must finish before the refund is paid and according to them this will take a year. However I am somewhat cautious on account of the attitude of my financial adviser as first of all he said that he had finished dealing with Pacific Tycoon and so cannot help me.
Initially he thought I should be paid within 3 months. Also subsequently I have not been able to contact him. This did worry me so I am preparing for the worst case scenario i.e if the refund is not paid. I will keep you informed of the outcome.
What also makes me cautious is the fact that initially the returns were good and after refusing to buy any more containers the returns dropped dramatically. Maybe this was a coincidence but judging by the other comments on your site this does give cause for concern.
Also the fact that the returns did drip dramatically did not break any contract provision. I am trying to be as fair as I can.
Original review posted by user Jan 02, 2019
My contract finished with Pacific Tycoon in September 2018 but they say it will not be until September 2019 until the refund is given. I have registered my disappointment and seek assurances that at least when Sept 2019 I will be paid. The reasons for the delay are given as follows:
Following your recent conversation with my assistant, please see below the steps we have to take to purchase any container that is on hire. The following applies to every purchase.
1/ We have to find out where the containers are.
99% of the time the containers will not be together. So if you have 20 containers, that’s 20 phone calls.
2/ Then we have to find out when each container is off hire.
3/ Then we have to find out where each container will be delivered and the delivery date.
4/ Then we have to arrange for a local surveyor to inspect each container for damage. If any repairs are necessary we have to get them done, get the bill from the people who repair it and deduct those costs from the gross container income as per Article 4.1 of the contract.
5/ This is a process that takes time. The contents of the container can be, and often are of significant value, - there are consignment protocols and insurance considerations that must be respected. We cannot survey the containers to our satisfaction when it is on hire.
6/ If you sell equities or bonds you can do it on a phone call. With containers, it is simple but does take longer Best regards,
i must say I did not realise this when I purchased the containers and the adviser said to me I should receive the refund within about 3 months. So far the investment has yielded about 5-6% so not bad but am really nervous about getting the refund.
On the positive side I can always speak to them on the phone and staff are always courteous and helpful, particularly Jack Lambert the accountant.
Product or Service Mentioned: Pacific Tycoon Leasing.
Reason of review: Problems with payment.